Dominion Energy posted a fall in second-quarter profit on Thursday, as higher interest and maintenance costs weighed on the electric utility.
Higher-for-longer interest rates continue to weigh on the utilities sector, making dividend-paying stocks such as REITs and utilities less attractive and driving up borrowing costs.
The company’s interest expenses rose to $469 million in the second quarter, from $395 million a year earlier.
More than 4.5 million customers across 13 states energize their homes and businesses with electricity or natural gas from the Dominion Energy.
Dominion reaffirmed its full-year operating earnings forecast of $2.62 to $2.87 per share, compared with analysts’ estimates of $2.79, according to LSEG data.
The Richmond, Virginia-based firm posted a net income of $572 million, or 65 cents per share, in the April-June quarter, compared to $583 million, or 67 cents per share last year.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Krishna Chandra Eluri)
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